LAS VEGAS (KTNV) — Home prices across the Las Vegas valley continue to drop in November, according to a recent report by Las Vegas Realtors.
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The report shows that the median price of previously-owner single-family homes sold during November was $430,990, down 2% from October but up 2.6% from last year.
Home sellers in Southern Nevada have been slashing prices to incentivize buyers after the Federal Reserve raised interest rates multiple times this year to fight inflation. KTNV even recently talked to local real estate experts about why a home was listed for only $1.
The LVR reported that 7,342 single-family homes had been listed for sale without any offer, which is more than 161% higher than last year.
Only 1,983 existing homes, condos and townhomes were sold in November, down 53.5% from last year.
“The shift we’ve seen since mortgage interest rates started rising earlier this year has sparked a situation where many buyers are struggling to afford a home, while many homeowners are reluctant to sell and give up the historically low-interest rate they’re enjoying on their current home,” said LVR President Brandon Roberts.
